Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Apr. 30, 2017 | Jun. 01, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CAMPBELL SOUP CO | |
Entity Central Index Key | 16,732 | |
Current Fiscal Year End Date | --07-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 303,065,427 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Net sales | $ 1,853 | $ 1,870 | $ 6,226 | $ 6,274 |
Costs and expenses | ||||
Cost of products sold | 1,175 | 1,210 | 3,882 | 4,040 |
Marketing and selling expenses | 209 | 228 | 674 | 677 |
Administrative expenses | 140 | 154 | 402 | 456 |
Research and development expenses | 27 | 31 | 78 | 86 |
Other expenses / (income) | 4 | (23) | 230 | (14) |
Restructuring charges | 0 | 2 | 0 | 32 |
Total costs and expenses | 1,555 | 1,602 | 5,266 | 5,277 |
Earnings before interest and taxes | 298 | 268 | 960 | 997 |
Interest expense | 29 | 29 | 87 | 86 |
Interest income | 1 | 1 | 3 | 3 |
Earnings before taxes | 270 | 240 | 876 | 914 |
Taxes on earnings | 94 | 55 | 307 | 270 |
Net earnings | 176 | 185 | 569 | 644 |
Less: Net earnings (loss) attributable to noncontrolling Interests | 0 | 0 | 0 | 0 |
Net earnings attributable to Campbell Soup Company | $ 176 | $ 185 | $ 569 | $ 644 |
Per Share — Basic | ||||
Net earnings attributable to Campbell Soup Company per share, basic | $ 0.58 | $ 0.60 | $ 1.86 | $ 2.08 |
Dividends | $ 0.35 | $ 0.312 | $ 1.05 | $ 0.936 |
Weighted average shares outstanding — basic | 304 | 309 | 306 | 309 |
Per Share — Assuming Dilution | ||||
Net earnings attributable to Campbell Soup Company per share, diluted | $ 0.58 | $ 0.59 | $ 1.85 | $ 2.07 |
Weighted average shares outstanding — assuming dilution | 306 | 311 | 308 | 311 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net earnings | $ 176 | $ 185 | $ 569 | $ 644 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | |||||
Foreign currency translation adjustments, before tax | (4) | 101 | (28) | 58 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Unrealized gains (losses) arising during period, before Tax | 2 | (25) | 32 | (35) | |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 2 | (3) | 9 | (9) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | |||||
Reclassification of prior service credit included in net earnings, before tax | [1] | (5) | (1) | (18) | (2) |
Other comprehensive income (loss), before tax | (5) | 72 | (5) | 12 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract] | |||||
Foreign currency translation adjustments, tax (expense) benefit | 0 | (1) | 0 | 0 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | |||||
Unrealized gains (losses) arising during the period, tax (expense) benefit | 0 | 7 | (11) | 11 | |
Reclassification adjustment for (gains) losses included in net earnings, tax (expense) benefit | (1) | 1 | (3) | 3 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax [Abstract] | |||||
Reclassification of prior service credit included in net earnings, tax (expense) benefit | 1 | 0 | 6 | 0 | |
Other comprehensive income (loss), tax (expense) benefit | 0 | 7 | (8) | 14 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||||
Foreign currency translation adjustments, after-tax | (4) | 100 | (28) | 58 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||||
Unrealized gains (losses) arising during the period, after-tax | 2 | (18) | 21 | (24) | |
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 1 | (2) | 6 | (6) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | |||||
Reclassification of prior service credit included in net earnings, after-tax | (4) | (1) | (12) | (2) | |
Other comprehensive income (loss), after tax | (5) | 79 | (13) | 26 | |
Total comprehensive income (loss), after-tax | 171 | 264 | 556 | 670 | |
Total comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 1 | 2 | |
Total comprehensive income (loss) attributable to Campbell Soup Company | $ 171 | $ 264 | $ 555 | $ 668 | |
[1] | This is included in the components of net periodic benefit (income) / expense (see Note 8 for additional details). |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Apr. 30, 2017 | Jul. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 313 | $ 296 |
Accounts receivable, net | 618 | 626 |
Inventories | 791 | 940 |
Other current assets | 68 | 46 |
Total current assets | 1,790 | 1,908 |
Plant assets, net of depreciation | 2,372 | 2,407 |
Goodwill | 2,057 | 2,263 |
Other intangible assets, net of amortization | 1,113 | 1,152 |
Other assets ($46 and $34 attributable to variable interest entity) | 119 | 107 |
Total assets | 7,451 | 7,837 |
Current liabilities | ||
Short-term borrowings | 1,122 | 1,219 |
Payable to suppliers and others | 568 | 610 |
Accrued liabilities | 538 | 604 |
Dividends payable | 111 | 100 |
Accrued income taxes | 13 | 22 |
Total current liabilities | 2,352 | 2,555 |
Long-term debt | 2,270 | 2,314 |
Deferred taxes | 412 | 396 |
Other liabilities | 927 | 1,039 |
Total liabilities | 5,961 | 6,304 |
Commitments and contingencies | ||
Campbell Soup Company shareholders' equity | ||
Preferred stock; authorized 40 shares; none issued | 0 | 0 |
Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares | 12 | 12 |
Additional paid-in capital | 348 | 354 |
Earnings retained in the business | 2,173 | 1,927 |
Capital stock in treasury, at cost | (934) | (664) |
Accumulated other comprehensive loss | (118) | (104) |
Total Campbell Soup Company shareholders' equity | 1,481 | 1,525 |
Noncontrolling interests | 9 | 8 |
Total equity | 1,490 | 1,533 |
Total liabilities and equity | $ 7,451 | $ 7,837 |
Preferred Stock, Shares Authorized | 40 | 40 |
Preferred Stock, Shares Issued | 0 | 0 |
Capital Stock, Par or Stated Value Per Share | $ 0.0375 | $ 0.0375 |
Capital Stock, Shares Authorized | 560 | 560 |
Capital Stock, Shares, Issued | 323 | 323 |
Variable Interest Entity | ||
Current assets | ||
Other assets ($46 and $34 attributable to variable interest entity) | $ 46 | $ 34 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Apr. 30, 2017 | May 01, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 569 | $ 644 |
Adjustments to reconcile net earnings to operating cash flow | ||
Impairment charges | 212 | 0 |
Restructuring charges | 0 | 32 |
Stock-based compensation | 48 | 50 |
Pension and postretirement benefit expense (income) | (35) | 167 |
Depreciation and amortization | 234 | 228 |
Deferred income taxes | 11 | 4 |
Other, net | 15 | 2 |
Changes in working capital | ||
Accounts receivable | 1 | 5 |
Inventories | 144 | 172 |
Prepaid assets | (20) | 7 |
Accounts payable and accrued liabilities | (116) | (59) |
Receipts from hedging activities | 1 | 5 |
Other | (53) | (46) |
Net cash provided by operating activities | 1,011 | 1,211 |
Cash flows from investing activities: | ||
Purchases of plant assets | (195) | (225) |
Sales of plant assets | 0 | 5 |
Other, net | (14) | (14) |
Net cash used in investing activities | (209) | (234) |
Cash flows from financing activities: | ||
Net short-term repayments | (66) | (425) |
Long-term repayments | (76) | 0 |
Dividends paid | (314) | (294) |
Treasury stock purchases | (305) | (118) |
Treasury stock issuances | 2 | 2 |
Payments related to tax withholding for stock-based compensation | (21) | (21) |
Net cash used in financing activities | (780) | (856) |
Effect of exchange rate changes on cash | (5) | 9 |
Net change in cash and cash equivalents | 17 | 130 |
Cash and cash equivalents - beginning of period | 296 | 253 |
Cash and cash equivalents - end of period | $ 313 | $ 383 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Capital Stock Issued [Member] | Capital Stock In Treasury [Member] | Additional Paid-In Capital [Member] | Earnings Retained In The Business [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Capital stock, shares at Aug. 02, 2015 | 323 | (13) | |||||
Balance, value at Aug. 02, 2015 | $ 1,377 | $ 12 | $ (556) | $ 339 | $ 1,754 | $ (168) | $ (4) |
Net earnings (loss) | 644 | 644 | 0 | ||||
Other comprehensive income (loss) | 26 | 24 | 2 | ||||
Dividends | $ (293) | (293) | |||||
Dividends per share | $ 0.936 | ||||||
Treasury stock purchased, shares | (2) | ||||||
Treasury stock purchased, value | $ (118) | $ (118) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 38 | $ 35 | 3 | ||||
Capital stock, shares at May. 01, 2016 | 323 | (14) | |||||
Balance, value at May. 01, 2016 | 1,674 | $ 12 | $ (639) | 342 | 2,105 | (144) | (2) |
Capital stock, shares at Jul. 31, 2016 | 323 | (15) | |||||
Balance, value at Jul. 31, 2016 | 1,533 | $ 12 | $ (664) | 354 | 1,927 | (104) | 8 |
Net earnings (loss) | 569 | 569 | 0 | ||||
Other comprehensive income (loss) | (13) | (14) | 1 | ||||
Dividends | $ (323) | (323) | |||||
Dividends per share | $ 1.05 | ||||||
Treasury stock purchased, shares | (5) | ||||||
Treasury stock purchased, value | $ (305) | $ (305) | |||||
Treasury stock issued under management incentive and stock option plans, shares | 1 | ||||||
Treasury stock issued under management incentive and stock option plans, value | 29 | $ 35 | (6) | ||||
Capital stock, shares at Apr. 30, 2017 | 323 | (19) | |||||
Balance, value at Apr. 30, 2017 | $ 1,490 | $ 12 | $ (934) | $ 348 | $ 2,173 | $ (118) | $ 9 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Apr. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation and Significant Accounting Policies In this Form 10-Q, unless otherwise stated, the terms “we,” “us,” “our” and the “company” refer to Campbell Soup Company and its consolidated subsidiaries. The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest and a variable interest entity (VIE) for which we are the primary beneficiary. Intercompany transactions are eliminated in consolidation. Certain amounts in prior-year financial statements were reclassified to conform to the current-year presentation. The financial statements reflect all adjustments which are, in our opinion, necessary for a fair presentation of the results of operations, financial position, and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended July 31, 2016 , except as described in Note 2. In the fourth quarter of 2016, an out-of-period adjustment of $13 ( $.04 per share) to increase taxes on earnings was recorded. The adjustment related to deferred tax expense that should have been provided on certain cross-currency swap contracts associated with intercompany debt. Most of the adjustment related to the third quarter of 2016. Management does not believe the adjustment is material to the consolidated financial statements for any period. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Apr. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued revised guidance on the recognition of revenue from contracts with customers. The guidance is designed to create greater comparability for financial statement users across industries and jurisdictions. The guidance also requires enhanced disclosures. The guidance was originally effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB decided to delay the effective date of the new revenue guidance by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Entities will be permitted to adopt the new revenue standard early, but not before the original effective date. The guidance permits the use of either a full retrospective or modified retrospective transition method. We are currently performing a diagnostic review of our arrangements with customers across our significant businesses, including our practices of offering rebates, refunds, discounts and other price allowances, and trade and consumer promotion programs. We are evaluating our methods of estimating the amount and timing of these various forms of variable consideration. We are continuing to evaluate the impact that the new guidance will have on our consolidated financial statements, as well as which transition method we will use. In April 2015, the FASB issued guidance to clarify the accounting for fees paid by a customer in a cloud computing arrangement. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those years. Early adoption is permitted. The new guidance should be applied either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. In 2017, we prospectively adopted the guidance. The adoption did not have a material impact on our consolidated financial statements. In September 2015, the FASB issued guidance that eliminates the requirement to restate prior period financial statements for measurement period adjustments for business combinations. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those years and should be applied prospectively to measurement period adjustments that occur after the effective date. We will prospectively apply the guidance to applicable transactions. In January 2016, the FASB issued guidance that amends the recognition and measurement of financial instruments. The changes primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, equity investments in unconsolidated entities that are not accounted for under the equity method will generally be measured at fair value through earnings. When the fair value option has been elected for financial liabilities, changes in fair value due to instrument-specific credit risk will be recognized separately in other comprehensive income. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In February 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognize assets and liabilities for most leases but will recognize expenses similar to current lease accounting. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The new guidance must be adopted using a modified retrospective transition, and provides for certain practical expedients. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In March 2016, the FASB issued guidance that amends accounting for share-based payments, including the accounting for income taxes, forfeitures, and statutory withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted. We adopted the guidance in 2017. In accordance with the prospective adoption of the recognition of excess tax benefits and deficiencies in the Consolidated Statements of Earnings, we recognized a $6 tax benefit in Taxes on earnings in the nine-month period ended April 30, 2017 . We elected to continue to estimate forfeitures expected to occur. In addition, we elected to adopt retrospectively the amendment to present excess tax benefits on share-based compensation as an operating activity, which resulted in a reclassification of $7 from Net cash used in financing activities to Net cash provided by operating activities in the Consolidated Statement of Cash Flows for the nine-month period ended May 1, 2016 . We also adopted retrospectively the amendment to present cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements as a financing activity. As a result, there was a reclassification of $21 from Net cash provided by operating activities to Net cash used in financing activities in the Consolidated Statement of Cash Flows for the nine-month period ended May 1, 2016 . In August 2016, the FASB issued guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The guidance must be applied retrospectively to all periods presented but may be applied prospectively if retrospective application would be impracticable. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In October 2016, the FASB issued guidance on tax accounting for intra-entity asset transfers. Under current guidance, the tax effects of intra-entity asset transfers (intercompany sales) are deferred until the transferred asset is sold to a third party or otherwise recognized. The new guidance requires companies to account for the income tax effects on intercompany transfers of assets other than inventory when the transfer occurs. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted in the first interim period of a fiscal year. The modified retrospective approach is required upon adoption, with a cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In January 2017, the FASB issued guidance that revises the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of transferred assets and activities is not a business. If it is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. We will prospectively apply the guidance to applicable transactions. In January 2017, the FASB issued guidance that simplifies the test for goodwill impairment. Under the revised guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The revised guidance eliminates the current requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure the goodwill impairment. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted. We will apply the new guidance in performing future impairment assessments. In March 2017, the FASB issued guidance that improves the presentation of net periodic pension cost and net periodic postretirement benefit cost. Under the revised guidance, the service cost component of benefit cost is classified in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost (such as interest expense, return on assets, amortization of prior service credit, actuarial gains and losses, settlements and curtailments) are required to be presented in the income statement separately from the service cost component. The guidance also allows only the service cost component to be eligible for capitalization when applicable (for example, as a cost of internally manufactured inventory). The guidance should be applied retrospectively for the presentation of the service cost component and the other components of benefit cost in the income statement, and applied prospectively on and after the effective date for the capitalization of the service cost component. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In May 2017, the FASB issued guidance that clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The guidance is effective prospectively for fiscal years beginning after December 15, 2017. Early adoption is permitted. We will apply the guidance in evaluating future changes to terms or conditions of share-based payment awards. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Apr. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at July 31, 2016 $ (124 ) $ (41 ) $ 61 $ (104 ) Other comprehensive income (loss) before reclassifications (29 ) 21 — (8 ) Amounts reclassified from accumulated other comprehensive income (loss) — 6 (12 ) (6 ) Net current-period other comprehensive income (loss) (29 ) 27 (12 ) (14 ) Balance at April 30, 2017 $ (153 ) $ (14 ) $ 49 $ (118 ) _____________________________________ (1) Included a tax expense of $6 as of April 30, 2017 , and July 31, 2016 . (2) Included a tax benefit of $9 as of April 30, 2017 , and $23 as of July 31, 2016 . (3) Included a tax expense of $29 as of April 30, 2017 , and $35 as of July 31, 2016 . Amounts related to noncontrolling interests were not material. The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components April 30, 2017 May 1, 2016 April 30, 2017 May 1, 2016 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ 1 $ (4 ) $ 5 $ (10 ) Cost of products sold Foreign exchange forward contracts — — 1 (2 ) Other expenses / (income) Forward starting interest rate swaps 1 1 3 3 Interest expense Total before tax 2 (3 ) 9 (9 ) Tax expense (benefit) (1 ) 1 (3 ) 3 (Gain) loss, net of tax $ 1 $ (2 ) $ 6 $ (6 ) Pension and postretirement benefit adjustments: Prior service credit $ (5 ) $ (1 ) $ (18 ) $ (2 ) (1) Tax expense (benefit) 1 — 6 — (Gain) loss, net of tax $ (4 ) $ (1 ) $ (12 ) $ (2 ) _____________________________________ (1) This is included in the components of net periodic benefit (income) / expense (see Note 8 for additional details). |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Apr. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table shows the changes in the carrying amount of goodwill by business segment: Americas Global Campbell Fresh Total Gross balance at July 31, 2016 $ 775 $ 757 $ 837 $ 2,369 Accumulated impairment charges — — (106 ) (106 ) Net balance at July 31, 2016 $ 775 $ 757 $ 731 $ 2,263 Impairment — — (191 ) (191 ) Foreign currency translation adjustment (4 ) (11 ) — (15 ) Balance at April 30, 2017 $ 771 $ 746 $ 540 $ 2,057 In the fourth quarter of 2016, as part of our annual review of intangible assets, an impairment charge of $106 was recorded on goodwill for the Bolthouse Farms carrot and carrot ingredients reporting unit within the Campbell Fresh segment. In 2016, carrot performance primarily reflected the adverse impact of weather conditions on crop yields, and execution issues in response to those conditions, which led to customer dissatisfaction, a loss of business, and higher carrot costs in the second half of the year. The impairment was attributable to a decline in profitability in the second half of 2016 and a revised outlook for the business, with reduced expectations for sales, operating margins, and discounted cash flows. During the second quarter of 2017, sales and operating profit performance for the reporting unit were well below our revised expectations due to difficulty with regaining market share lost during 2016 and higher carrot costs from the adverse impact of heavy rains on crop yields. During the quarter, we also lowered our forecast for sales and earnings for the reporting unit for the second half of 2017 based on revised market share recovery expectations and the continuing effect of unusual weather conditions on carrot costs. In addition, as part of a strategic review initiated by a new leadership team of Campbell Fresh during the second quarter, we decided to reduce emphasis on growing sales of carrot ingredients, which are a by-product of the manufacturing process, and to manage carrots sold at retail for modest sales growth consistent with the category while improving profitability. Accordingly, we reduced our expectations for recovery of retail carrot market share. As a consequence of current-year performance and the strategic review, we lowered our sales outlook for future fiscal years. We also lowered our average margin expectations due in part to cost volatility, which has been higher than expected. Based upon the business performance in the second quarter of 2017, our reduced near-term outlook, and reduced expectations for sales, operating margins and discounted cash flows, we performed an interim goodwill impairment assessment as of December 31, 2016, which resulted in a $127 impairment charge to reduce the carrying amount to $75 . The updated cash flow projections include expectations that operating margins will improve from reduced levels in 2016 and 2017. Garden Fresh Gourmet was acquired in June 2015 and is a reporting unit within the Campbell Fresh segment. During 2017, sales and operating profit performance for Garden Fresh Gourmet were well below expectations, and we lowered our outlook for the second half of 2017 due to customer losses and failure to meet product distribution goals. We expected to expand distribution of salsa beyond our concentration in the Midwest region, however this proved to be challenging as differentiated recipes are required to meet taste profiles in other parts of the country. In addition, as part of a strategic review initiated by a new leadership team of Campbell Fresh during the second quarter, we lowered our distribution and category growth expectations and, therefore, future sales outlook. Based upon the business performance in 2017, our reduced near-term outlook, and reduced expectations for sales, operating margins and discounted cash flows, we performed an interim goodwill impairment assessment on this reporting unit as of December 31, 2016, which resulted in a $64 impairment charge to reduce the carrying amount to $52 . The updated cash flow projections include expectations that we will build distribution in the U.S., operating margins will expand partly driven by the benefits from further integration, and sales growth rates will exceed the company's overall sales growth rates. The impairment charges were recorded in Other expenses / (income) in the Consolidated Statements of Earnings. Intangible Assets The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: Intangible Assets April 30, July 31, Amortizable intangible assets Customer relationships $ 222 $ 222 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 297 $ 297 Accumulated amortization (86 ) (72 ) Total net amortizable intangible assets $ 211 $ 225 Non-amortizable intangible assets Trademarks 902 927 Total net intangible assets $ 1,113 $ 1,152 Non-amortizable intangible assets consist of trademarks, which include Bolthouse Farms, Pace , Plum, Kjeldsens, Garden Fresh Gourmet and Royal Dansk . Amortizable intangible assets consist of recipes, patents, trademarks and distributor relationships. Amortization of intangible assets was $15 for the nine-month periods ended April 30, 2017 , and May 1, 2016 . Amortization expense for the next 5 years is estimated to be $20 in 2017, and $15 in 2018 through 2021. Asset useful lives range from 5 to 20 years. In the fourth quarter of 2016, as part of our annual review of intangible assets, an impairment charge of $35 was recognized on the Bolthouse Farms carrot and carrot ingredients reporting unit trademark as a result of the factors previously described. Due to the factors previously described, we performed an interim impairment assessment as of December 31, 2016, which resulted in a $20 impairment charge on the trademark to reduce the carrying amount to $48 . Due to the factors previously described, we also performed an interim impairment assessment as of December 31, 2016 on the trademark in the Garden Fresh Gourmet reporting unit, which resulted in a $1 impairment charge to reduce the carrying amount to $37 . The impairment charges were recorded in Other expenses / (income) in the Consolidated Statements of Earnings. The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions. |
Business And Geographic Segment
Business And Geographic Segment Information | 9 Months Ended |
Apr. 30, 2017 | |
Segment Reporting [Abstract] | |
Business and Geographic Segment Information | Business and Geographic Segment Information We manage our businesses in three segments focused mainly on product categories. The segments are: • Americas Simple Meals and Beverages segment includes the retail and food service businesses in the U.S., Canada and Latin America. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; Plum food and snacks; V8 juices and beverages; and Campbell’s tomato juice; • Global Biscuits and Snacks segment includes Pepperidge Farm cookies, crackers, bakery and frozen products in U.S. retail; Arnott’s biscuits in Australia and Asia Pacific; and Kelsen cookies globally. The segment also includes the simple meals and shelf-stable beverages business in Australia and Asia Pacific; and • Campbell Fresh segment includes Bolthouse Farms fresh carrots, carrot ingredients, refrigerated beverages and refrigerated salad dressings; Garden Fresh Gourmet salsa, hummus, dips and tortilla chips; and the U.S. refrigerated soup business. We evaluate segment performance before interest, taxes and costs associated with restructuring activities. Unrealized gains and losses on commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance. Three Months Ended Nine Months Ended April 30, May 1, April 30, May 1, Net sales Americas Simple Meals and Beverages $ 982 $ 999 $ 3,510 $ 3,538 Global Biscuits and Snacks 623 608 1,974 1,942 Campbell Fresh 248 263 742 794 Total $ 1,853 $ 1,870 $ 6,226 $ 6,274 Three Months Ended Nine Months Ended April 30, May 1, April 30, May 1, Earnings before interest and taxes Americas Simple Meals and Beverages $ 226 $ 225 $ 922 $ 878 Global Biscuits and Snacks 98 86 345 341 Campbell Fresh 1 13 (1 ) 52 Corporate (1) (27 ) (54 ) (306 ) (242 ) Restructuring charges (2) — (2 ) — (32 ) Total $ 298 $ 268 $ 960 $ 997 (1) Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments are included in Corporate. Losses were $54 in the three-month period ended May 1, 2016 , and $20 and $175 in the nine-month periods ended April 30, 2017 , and May 1, 2016 , respectively. Costs related to the implementation of our new organizational structure and cost savings initiatives were $7 and $13 in the three-month periods ended April 30, 2017 , and May 1, 2016 , respectively, and $18 and $35 in the nine-month periods ended April 30, 2017 , and May 1, 2016 , respectively. Impairment charges of $212 on the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and the Garden Fresh Gourmet reporting unit were also included in the nine-month period ended April 30, 2017. See Note 4 for additional information. A gain of $25 from a settlement of a claim related to the Kelsen acquisition was also included in the three- and nine-month periods ended May 1, 2016. (2) See Note 6 for additional information. Our global net sales based on product categories are as follows: Three Months Ended Nine Months Ended April 30, May 1, April 30, May 1, Net sales Soup $ 557 $ 575 $ 2,251 $ 2,253 Baked snacks 600 584 1,914 1,886 Other simple meals 434 424 1,299 1,300 Beverages 262 287 762 835 Total $ 1,853 $ 1,870 $ 6,226 $ 6,274 Soup includes various soup, broths and stock products. Baked Snacks include cookies, crackers, biscuits and other baked products. Other simple meals include sauces, carrot products, refrigerated salad dressings, refrigerated salsa, hummus, dips and Plum foods and snacks. |
Restructuring Charges and Cost
Restructuring Charges and Cost Savings Initiatives | 9 Months Ended |
Apr. 30, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges and Cost Savings Initiatives 2015 Initiatives On January 29, 2015, we announced plans to implement a new enterprise design focused mainly on product categories. Under the new structure, which we fully implemented at the beginning of 2016, our businesses are organized in the following divisions: Americas Simple Meals and Beverages, Global Biscuits and Snacks, and Campbell Fresh. In support of the new structure, we designed and implemented a new Integrated Global Services organization to deliver shared services across the company. We also streamlined our organizational structure, implemented an initiative to reduce overhead across the organization and are pursuing other initiatives to reduce costs and increase effectiveness, such as adopting zero-based budgeting over time. As part of these initiatives, we commenced a voluntary employee separation program available to certain U.S.-based salaried employees nearing retirement who met age, length-of-service and business unit/function criteria. A total of 471 employees elected the program. The electing employees remained with us through at least July 31, 2015, with some remaining beyond that date. In February 2017, we announced that we are expanding these cost savings initiatives by further optimizing our supply chain network, primarily in North America, continuing to evolve our operating model to drive efficiencies, and more fully integrating our recent acquisitions. We have extended the time horizon for the initiatives from 2018 to 2020. Cost estimates for these expanded initiatives, as well as timing for certain activities, are being developed. A summary of the restructuring charges we recorded and charges incurred in Administrative expenses related to the implementation of the new organizational structure and costs savings initiatives is as follows: Three Months Ended Nine Months Ended Year Ended April 30, May 1, April 30, May 1, July 31, August 2, Restructuring charges $ — $ 2 $ — $ 35 $ 35 $ 102 Administrative expenses 7 13 18 35 47 22 Total pre-tax charges $ 7 $ 15 $ 18 $ 70 $ 82 $ 124 Aggregate after-tax impact $ 4 $ 9 $ 11 $ 44 $ 52 $ 78 Per share impact $ .01 $ .03 $ .04 $ .14 $ .17 $ .25 A summary of the pre-tax costs associated with the initiatives is as follows: Recognized as of Severance pay and benefits $ 128 Implementation costs and other related costs 96 Total $ 224 The total estimated pre-tax costs for the initiatives for actions that have been identified are approximately $250 to $270 . We expect to incur these costs through 2019. The estimates will be updated as costs for the expanded initiatives are developed. We expect the costs for actions that have been identified to date to consist of approximately $130 in severance pay and benefits, and approximately $120 to $140 in implementation costs and other related costs.We expect these total pre-tax costs related to the initiatives will be associated with segments as follows: Americas Simple Meals and Beverages - approximately 33% ; Global Biscuits and Snacks - approximately 32% ; Campbell Fresh - approximately 3% ; and Corporate - approximately 32% . We expect substantially all costs to be cash expenditures, except for $7 of non-cash postretirement and pension curtailment costs incurred in 2015. In addition, we expect to invest approximately $105 in capital expenditures through 2019 related to the construction of a network of distribution centers for our U.S. thermal plants, of which we invested approximately $1 as of April 30, 2017 . A summary of the restructuring activity and related reserves associated with the initiatives at April 30, 2017 , is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Total Charges Accrued balance at July 31, 2016 (1) $ 73 2017 charges — 18 $ 18 2017 cash payments (42 ) Accrued balance at April 30, 2017 (2) $ 31 _______________________________________ (1) Includes $17 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs associated with segments is as follows: April 30, 2017 Three Months Ended Nine Months Ended Costs Incurred to Date Americas Simple Meals and Beverages $ 1 $ 1 $ 72 Global Biscuits and Snacks 2 4 70 Campbell Fresh — — 2 Corporate 4 13 80 Total $ 7 $ 18 $ 224 2014 Initiatives In 2016, we recorded a reduction to restructuring charges of $4 ( $3 after tax, or $.01 per share) related to the 2014 initiatives. Of the amounts recorded in 2016, $3 ( $2 after tax, or $.01 per share) was recorded in the nine-month period ended May 1, 2016 related to the 2014 initiative to improve supply chain efficiency in Australia. As of July 31, 2016, we incurred substantially all of the costs related to the 2014 initiatives. A summary of the pre-tax costs associated with the 2014 initiatives is as follows: Total Program (1) Change in Estimate Recognized as of July 31, 2016 Severance pay and benefits $ 41 $ (4 ) $ 37 Asset impairment 12 — 12 Other exit costs 1 — 1 Total $ 54 $ (4 ) $ 50 _______________________________________ (1) Recognized as of August 2, 2015. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Apr. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. The earnings per share calculation for the three-month and nine-month periods ended April 30, 2017 , and May 1, 2016 , excludes less than 1 million stock options that would have been antidilutive. |
Pension And Postretirement Bene
Pension And Postretirement Benefits | 9 Months Ended |
Apr. 30, 2017 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension And Postretirement Benefits | Pension and Postretirement Benefits We sponsor certain defined benefit pension and postretirement plans for employees. Actuarial gains and losses are recognized immediately in our Consolidated Statements of Earnings as of the measurement date, which is our fiscal year end, or more frequently if an interim remeasurement is required. Components of net benefit (income) / expense were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement April 30, May 1, April 30, May 1, April 30, May 1, April 30, May 1, Service cost $ 6 $ 6 $ — $ — $ 19 $ 20 $ 1 $ 1 Interest cost 21 24 2 4 64 74 7 12 Expected return on plan assets (36 ) (36 ) — — (108 ) (111 ) — — Amortization of prior service credit — (1 ) (5 ) — — (1 ) (18 ) (1 ) Recognized net actuarial loss — 61 — — — 173 — — Net periodic benefit (income) / expense $ (9 ) $ 54 $ (3 ) $ 4 $ (25 ) $ 155 $ (10 ) $ 12 In July 2016, the retirement medical program was amended and beginning on January 1, 2017, we no longer sponsor our own medical coverage for certain Medicare-eligible retirees. Instead, we offer these Medicare-eligible retirees access to health care coverage through a private exchange and offer a health reimbursement account to subsidize benefits for a select group of retirees. The prior service credit is primarily related to the amendment in July 2016. The recognized net actuarial loss in 2016 resulted from the quarterly remeasurement of certain U.S. plans. The remeasurement was required due to a high level of lump sum payments to certain vested plan participants arising primarily out of a limited-time offer to accept a single lump sum in lieu of future annuity payments. No contributions are expected to be made to U.S. pension plans in 2017. Contributions to non-U.S. pension plans during the nine-month period ended April 30, 2017 , were $4 . We expect contributions to non-U.S. pension plans during the remainder of the year to be approximately $1 . |
Financial Instruments
Financial Instruments | 9 Months Ended |
Apr. 30, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Financial Instruments | Financial Instruments The principal market risks to which we are exposed are changes in foreign currency exchange rates, interest rates, and commodity prices. In addition, we are exposed to equity price changes related to certain deferred compensation obligations. In order to manage these exposures, we follow established risk management policies and procedures, including the use of derivative contracts such as swaps, options, forwards and commodity futures. We enter into these derivative contracts for periods consistent with the related underlying exposures, and the contracts do not constitute positions independent of those exposures. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include instruments that qualify and others that do not qualify for hedge accounting treatment. Concentration of Credit Risk We are exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, we enter into contracts only with carefully selected, leading, credit-worthy financial institutions, and distribute contracts among several financial institutions to reduce the concentration of credit risk. We do not have credit-risk-related contingent features in our derivative instruments as of April 30, 2017 , or July 31, 2016 . We are also exposed to credit risk from our customers. During 2016, our largest customer accounted for approximately 20% of consolidated net sales. Our five largest customers accounted for approximately 40% of our consolidated net sales in 2016. We closely monitor credit risk associated with counterparties and customers. Foreign Currency Exchange Risk We are exposed to foreign currency exchange risk related to our international operations, including non-functional currency intercompany debt and net investments in subsidiaries. We are also exposed to foreign exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. Principal currencies hedged include the Canadian dollar, Australian dollar and U.S. dollar. We utilize foreign exchange forward purchase and sale contracts, as well as cross-currency swaps, to hedge these exposures. The contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge portions of our forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 18 months. To hedge currency exposures related to intercompany debt, we enter into foreign exchange forward purchase and sale contracts, as well as cross-currency swap contracts, for periods consistent with the underlying debt. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $79 at April 30, 2017 , and $91 at July 31, 2016 . The effective portion of the changes in fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the Consolidated Statements of Earnings on the same line item and in the same period in which the underlying hedged transaction affects earnings. The notional amount of foreign exchange forward contracts that are not designated as accounting hedges was $123 and $175 at April 30, 2017 , and July 31, 2016 , respectively. There were no cross-currency swap contracts outstanding as of April 30, 2017 , or July 31, 2016 . Interest Rate Risk We manage our exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines. Receive fixed rate/pay variable rate interest rate swaps are accounted for as fair-value hedges. We manage our exposure to interest rate volatility on future debt issuances by entering into forward starting interest rate swaps to lock in the rate on the interest payments related to the anticipated debt issuances. These pay fixed rate/receive variable rate forward starting interest rate swaps are accounted for as cash-flow hedges. The effective portion of the changes in fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the Consolidated Statements of Earnings over the life of the debt. The notional amount of outstanding forward starting interest rate swaps totaled $300 at April 30, 2017 and at July 31, 2016 , which relates to an anticipated debt issuance in 2018. Commodity Price Risk We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, diesel fuel, soybean oil, natural gas, cocoa, aluminum, butter, corn and cheese, which impact the cost of raw materials. Commodity futures, options, and swap contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge a portion of commodity requirements for periods typically up to 18 months. There were no commodity contracts accounted for as cash-flow hedges as of April 30, 2017 , or July 31, 2016 . The notional amount of commodity contracts not designated as accounting hedges was $89 at April 30, 2017 , and $88 at July 31, 2016 . In 2017, we entered into a supply contract under which prices for certain raw materials are established based on anticipated volume requirements over a twelve-month period. Certain prices under the contract are based in part on certain component parts of the raw materials that are in excess of our needs or not required for our operations, thereby creating an embedded derivative requiring bifurcation. We net settle amounts due under the contract with our counterparty. The notional value is approximately $56 as of April 30, 2017 . The fair value was not material as of April 30, 2017 . Unrealized gains (losses) and settlements are included in Cost of products sold in our Consolidated Statements of Earnings. Equity Price Risk We enter into swap contracts which hedge a portion of exposures relating to certain deferred compensation obligations linked to the total return of our capital stock, the total return of the Vanguard Institutional Index, and the total return of the Vanguard Total International Stock Index. Under these contracts, we pay variable interest rates and receive from the counterparty either: the total return on our capital stock; the total return of the Standard & Poor's 500 Index, which is expected to approximate the total return of the Vanguard Institutional Index; or the total return of the iShares MSCI EAFE Index, which is expected to approximate the total return of the Vanguard Total International Stock Index. These contracts were not designated as hedges for accounting purposes. We enter into these contracts for periods typically not exceeding 12 months. The notional amounts of the contracts as of April 30, 2017 , and July 31, 2016 , were $43 and $44 , respectively. The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of April 30, 2017 , and July 31, 2016 : Balance Sheet Classification April 30, July 31, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 2 $ 1 Total derivatives designated as hedges $ 2 $ 1 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 3 $ 3 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets 3 — Total derivatives not designated as hedges $ 7 $ 4 Total asset derivatives $ 9 $ 5 Balance Sheet Classification April 30, July 31, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ — $ 4 Forward starting interest rate swaps Accrued liabilities 20 — Forward starting interest rate swaps Other liabilities — 44 Total derivatives designated as hedges $ 20 $ 48 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 3 $ 4 Deferred compensation derivative contracts Accrued liabilities — 1 Foreign exchange forward contracts Accrued liabilities — 7 Commodity derivative contracts Other liabilities 1 — Total derivatives not designated as hedges $ 4 $ 12 Total liability derivatives $ 24 $ 60 We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 30, 2017 , and July 31, 2016 , would be adjusted as detailed in the following table: April 30, 2017 July 31, 2016 Derivative Instrument Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Total asset derivatives $ 9 $ (3 ) $ 6 $ 5 $ (4 ) $ 1 Total liability derivatives $ 24 $ (3 ) $ 21 $ 60 $ (4 ) $ 56 We do not offset fair value amounts recognized for exchange-traded commodity derivative instruments and cash margin accounts executed with the same counterparty that are subject to enforceable netting agreements. We are required to maintain cash margin accounts in connection with funding the settlement of open positions. At April 30, 2017 , and July 31, 2016 , a cash margin account balance of $5 was included in Other current assets in the Consolidated Balance Sheets. The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 30, 2017 , and May 1, 2016 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge OCI Activity Derivatives Designated as Cash-Flow Hedges April 30, May 1, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (27 ) $ (26 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 7 (21 ) Forward starting interest rate swaps (5 ) (4 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 1 (4 ) Foreign exchange forward contracts Other expenses / (income) — — Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (23 ) $ (54 ) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (64 ) $ (10 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 8 (13 ) Forward starting interest rate swaps 24 (22 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 5 (10 ) Foreign exchange forward contracts Other expenses / (income) 1 (2 ) Forward starting interest rate swaps Interest expense 3 3 OCI derivative gain (loss) at end of quarter $ (23 ) $ (54 ) Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $1 . The ineffective portion and amount excluded from effectiveness testing were not material. The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Amount of (Gain) Loss Recognized in Earnings on Derivatives Derivatives not Designated as Hedges Location of (Gain) Loss Three Months Ended Nine Months Ended April 30, 2017 May 1, April 30, 2017 May 1, Foreign exchange forward contracts Cost of products sold $ — $ (1 ) $ (1 ) $ — Foreign exchange forward contracts Other expenses / (income) — (2 ) — (1 ) Cross-currency swap contracts Other expenses / (income) — 21 — 9 Commodity derivative contracts Cost of products sold 3 (9 ) (3 ) — Deferred compensation derivative contracts Administrative expenses — (4 ) (2 ) (4 ) Total $ 3 $ 5 $ (6 ) $ 4 |
Variable Interest Entity
Variable Interest Entity | 9 Months Ended |
Apr. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entity In February 2016, we agreed to make a $125 capital commitment to Acre Venture Partners, L.P. (Acre), a limited partnership formed to make venture capital investments in innovative new companies in food and food-related industries. Acre is managed by its general partner, Acre Ventures GP, LLC, which is independent of us. We are the sole limited partner of Acre and own a 99.8% interest. Our share of earnings (loss) is calculated according to the terms of the partnership agreement. Acre is a VIE. We have determined that we are the primary beneficiary. Therefore, we consolidate Acre and account for the third party ownership as a noncontrolling interest. Through April 30, 2017 , we funded $51 of the capital commitment. Except for the remaining unfunded capital commitment of $74 , we do not have obligations to provide additional financial or other support to Acre. Acre elected the fair value option to account for qualifying investments to more appropriately reflect the value of the investments in the financial statements. The investments were $46 and $34 as of April 30, 2017 , and July 31, 2016 , respectively, and are included in Other assets on the Consolidated Balance Sheets. Changes in the fair values of investments for which the fair value option was elected are included in Other expenses / (income) on the Consolidated Statements of Earnings. Changes in the fair value were not material through April 30, 2017 . Current assets and liabilities of Acre were not material as of April 30, 2017 , or July 31, 2016 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We categorize financial assets and liabilities based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of April 30, 2017 , and July 31, 2016 , consistent with the fair value hierarchy: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ 5 $ — $ 5 $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 3 2 1 — 3 2 1 — Deferred compensation derivative contracts (3) 1 — 1 — 1 — 1 — Fair value option investments (4) 45 — 2 43 33 — 8 25 Total assets at fair value $ 54 $ 2 $ 9 $ 43 $ 38 $ 2 $ 11 $ 25 Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Forward starting interest rate swaps (5) $ 20 $ — $ 20 $ — $ 44 $ — $ 44 $ — Foreign exchange forward contracts (1) — — — — 11 — 11 — Commodity derivative contracts (2) 4 4 — — 4 4 — — Deferred compensation derivative contracts (3) — — — — 1 — 1 — Deferred compensation obligation (6) 111 111 — — 119 119 — — Total liabilities at fair value $ 135 $ 115 $ 20 $ — $ 179 $ 123 $ 56 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. (3) Based on LIBOR and equity index swap rates. (4) Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre. See Note 10 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. Changes in the fair value of investments were not material through April 30, 2017 . (5) Based on LIBOR swap rates. (6) Based on the fair value of the participants’ investments. Items Measured at Fair Value on a Nonrecurring Basis In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain items at fair value on a nonrecurring basis. In the fourth quarter of 2016, as part of our annual review of intangible assets, we recognized an impairment charge of $106 on goodwill and $35 on a trademark of the Bolthouse Farms carrot and carrot ingredients reporting unit. During the second quarter of 2017, we performed an interim impairment assessment as of December 31, 2016, and recognized an impairment charge of $127 on goodwill and $20 on a trademark of the Bolthouse Farms carrot and carrot ingredients reporting unit. During the second quarter of 2017, we performed an interim impairment assessment of the Garden Fresh Gourmet reporting unit as of December 31, 2016, and recognized an impairment charge of $64 on goodwill and $1 on a trademark. Fair value was determined based on unobservable Level 3 inputs. The fair value of goodwill was determined based on discounted cash flow analysis that include significant management assumptions such as revenue growth rates, operating margins, weighted average cost of capital, and future economic and market conditions. The fair value of trademarks was determined based on discounted cash flow analysis that include significant management assumptions such as revenue growth rates, weighted average cost of capital and assumed royalty rates. The following table presents fair value measurements of intangible assets that were recognized in the second quarter of 2017 and the fourth quarter of 2016, respectively, consistent with the fair value hierarchy: January 29, 2017 July 31, 2016 Impairment Charges Fair Value Impairment Charges Fair Value Bolthouse Farms Carrot and Carrot Ingredients Goodwill $ 127 $ 75 $ 106 $ 202 Trademark $ 20 $ 48 $ 35 $ 68 Garden Fresh Gourmet Goodwill $ 64 $ 52 Trademark $ 1 $ 37 See also Note 4 for additional information on the impairment charges. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings, excluding the current portion of long-term debt, approximate fair value. Cash equivalents of $24 at April 30, 2017 , and $74 at July 31, 2016 , represent fair value as these highly liquid investments have an original maturity of three months or less. Fair value of cash equivalents is based on Level 2 inputs. The fair value of long-term debt, including the current portion of long-term debt in Short-term borrowings, was $2,745 at April 30, 2017 , and $2,949 at July 31, 2016 . The carrying value was $2,673 at April 30, 2017 , and $2,755 at July 31, 2016 . The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates. |
Share Repurchases
Share Repurchases | 9 Months Ended |
Apr. 30, 2017 | |
Equity [Abstract] | |
Share Repurchases | Share Repurchases In March 2017, the Board authorized a new share repurchase program to purchase up to $1,500 . The new program has no expiration date, but it may be suspended or discontinued at any time. Effective May 1, 2017, the new share repurchase program replaced the prior $1,000 program, which our Board approved in June 2011. In addition to these publicly announced programs, we have a separate Board authorization to purchase shares to offset the impact of dilution from shares issued under our stock compensation plans. During the nine-month period ended April 30, 2017 , we repurchased 5 million shares at a cost of $305 . Of this amount, $271 was used to repurchase shares pursuant to our June 2011 program. During the nine-month period ended May 1, 2016 , we repurchased 2 million shares at a cost of $118 . |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation We provide compensation benefits by issuing stock options, unrestricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR) performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units). In 2017, we issued stock options, time-lapse restricted stock units, unrestricted stock, EPS performance restricted stock units and TSR performance restricted stock units. We have not issued strategic performance restricted stock units or special performance restricted stock units in 2017. Pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows: Three Months Ended Nine Months Ended April 30, May 1, April 30, May 1, Total pre-tax stock-based compensation expense $ 16 $ 16 $ 48 $ 50 Tax-related benefits $ 6 $ 5 $ 18 $ 18 Cash received from the exercise of stock options was $2 for the nine-month periods ended April 30, 2017 , and May 1, 2016 , and is reflected in cash flows from financing activities in the Consolidated Statements of Cash Flows. The following table summarizes stock option activity as of April 30, 2017 : Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Options in thousands) (In years) Outstanding at July 31, 2016 681 $ 50.21 Granted 489 $ 54.65 Exercised (33 ) $ 50.21 Terminated (95 ) $ 52.49 Outstanding at April 30, 2017 1,042 $ 52.08 8.8 $ 6 Exercisable at April 30, 2017 194 $ 50.21 8.4 $ 1 The total intrinsic value of options exercised during the nine-month period ended April 30, 2017 , was not material. During the nine-month period ended May 1, 2016 , the total intrinsic value of options exercised was $2 . We measure the fair value of stock options using the Black-Scholes option pricing model. The expected term of options granted was based on the weighted average time of vesting and the end of the contractual term. We utilized this simplified method as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The assumptions and grant-date fair values for grants in 2017 and 2016 were as follows: 2017 2016 Risk-free interest rate 1.28% 1.68% Expected dividend yield 2.26% 2.46% Expected volatility 18.64% 18.35% Expected term 6 years 6 years Grant-date fair value $7.51 $6.86 We expense stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of April 30, 2017 , total remaining unearned compensation related to nonvested stock options was $2 , which will be amortized over the weighted-average remaining service period of 1.6 years . The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units as of April 30, 2017 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 31, 2016 2,004 $ 45.08 Granted 564 $ 54.78 Vested (955 ) $ 44.00 Forfeited (355 ) $ 43.34 Nonvested at April 30, 2017 1,258 $ 50.75 We determine the fair value of time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units based on the quoted price of our stock at the date of grant. We expense time-lapse restricted stock units on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We expense EPS performance restricted stock units on a graded-vesting basis, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. There were 155 thousand EPS performance target grants outstanding at April 30, 2017 , with a weighted-average grant-date fair value of $49.89 . The actual number of EPS performance restricted stock units issued at the vesting date could range from 0% or 100% of the initial grant, depending on actual performance achieved. We estimate expense based on the number of awards expected to vest. In the first quarter of 2017, recipients of strategic performance restricted stock units earned 35% of the initial grants based on actual performance achieved during a three-year period ended July 31, 2016. There were no strategic performance restricted stock units outstanding at April 30, 2017 . In 2015, we issued special performance restricted stock units for which vesting was contingent upon meeting various financial goals and performance milestones to support innovation and growth initiatives. These awards vested in the first quarter of 2017 and are included in the table above. Recipients of special performance restricted stock units earned 0% of the initial grants based upon financial goals and 100% of the initial grants based upon performance milestones to support innovation and growth initiatives. As of April 30, 2017 , total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $27 , which will be amortized over the weighted-average remaining service period of 1.7 years . The fair value of restricted stock units vested during the nine-month periods ended April 30, 2017 , and May 1, 2016 , was $53 and $43 , respectively. The weighted-average grant-date fair value of the restricted stock units granted during the nine-month period ended May 1, 2016 , was $50.28 . The following table summarizes TSR performance restricted stock units as of April 30, 2017 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 31, 2016 1,641 $ 49.13 Granted 606 $ 39.53 Vested (251 ) $ 36.26 Forfeited (183 ) $ 43.84 Nonvested at April 30, 2017 1,813 $ 48.24 We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Assumptions used in the Monte Carlo simulation were as follows: 2017 2016 Risk-free interest rate 0.85% 0.92% Expected dividend yield 2.26% 2.46% Expected volatility 17.78% 17.25% Expected term 3 years 3 years We recognize compensation expense on a straight-line basis over the service period. As of April 30, 2017 , total remaining unearned compensation related to TSR performance restricted stock units was $34 , which will be amortized over the weighted-average remaining service period of 1.8 years. In the first quarter of 2017, recipients of TSR performance restricted stock units earned 75% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 29, 2016. In the first quarter of 2016, recipients of TSR performance restricted stock units earned 100% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 31, 2015. The fair value of TSR performance restricted stock units vested during the nine-month periods ended April 30, 2017 , and May 1, 2016 , was $14 and $22 , respectively. The grant-date fair value of the TSR performance restricted stock units granted during 2016 was $62.44 . The excess tax benefits on the exercise of stock options and vested restricted stock presented as cash flows from operating activities for the nine-month periods ended April 30, 2017 , and May 1, 2016 , were $6 and $7 , respectively |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Apr. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of April 30, 2017 . While potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition. |
Inventories
Inventories | 9 Months Ended |
Apr. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | Inventories April 30, July 31, Raw materials, containers and supplies $ 360 $ 391 Finished products 431 549 $ 791 $ 940 |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of Accumulated other comprehensive income (loss) consisted of the following: Foreign Currency Translation Adjustments (1) Gains (Losses) on Cash Flow Hedges (2) Pension and Postretirement Benefit Plan Adjustments (3) Total Accumulated Comprehensive Income (Loss) Balance at July 31, 2016 $ (124 ) $ (41 ) $ 61 $ (104 ) Other comprehensive income (loss) before reclassifications (29 ) 21 — (8 ) Amounts reclassified from accumulated other comprehensive income (loss) — 6 (12 ) (6 ) Net current-period other comprehensive income (loss) (29 ) 27 (12 ) (14 ) Balance at April 30, 2017 $ (153 ) $ (14 ) $ 49 $ (118 ) _____________________________________ (1) Included a tax expense of $6 as of April 30, 2017 , and July 31, 2016 . (2) Included a tax benefit of $9 as of April 30, 2017 , and $23 as of July 31, 2016 . (3) Included a tax expense of $29 as of April 30, 2017 , and $35 as of July 31, 2016 . |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Nine Months Ended Details about Accumulated Other Comprehensive Income (Loss) Components April 30, 2017 May 1, 2016 April 30, 2017 May 1, 2016 Location of (Gain) Loss Recognized in Earnings (Gains) losses on cash flow hedges: Foreign exchange forward contracts $ 1 $ (4 ) $ 5 $ (10 ) Cost of products sold Foreign exchange forward contracts — — 1 (2 ) Other expenses / (income) Forward starting interest rate swaps 1 1 3 3 Interest expense Total before tax 2 (3 ) 9 (9 ) Tax expense (benefit) (1 ) 1 (3 ) 3 (Gain) loss, net of tax $ 1 $ (2 ) $ 6 $ (6 ) Pension and postretirement benefit adjustments: Prior service credit $ (5 ) $ (1 ) $ (18 ) $ (2 ) (1) Tax expense (benefit) 1 — 6 — (Gain) loss, net of tax $ (4 ) $ (1 ) $ (12 ) $ (2 ) _____________________________________ (1) This is included in the components of net periodic benefit (income) / expense (see Note 8 for additional details). |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table shows the changes in the carrying amount of goodwill by business segment: Americas Global Campbell Fresh Total Gross balance at July 31, 2016 $ 775 $ 757 $ 837 $ 2,369 Accumulated impairment charges — — (106 ) (106 ) Net balance at July 31, 2016 $ 775 $ 757 $ 731 $ 2,263 Impairment — — (191 ) (191 ) Foreign currency translation adjustment (4 ) (11 ) — (15 ) Balance at April 30, 2017 $ 771 $ 746 $ 540 $ 2,057 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: Intangible Assets April 30, July 31, Amortizable intangible assets Customer relationships $ 222 $ 222 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 297 $ 297 Accumulated amortization (86 ) (72 ) Total net amortizable intangible assets $ 211 $ 225 Non-amortizable intangible assets Trademarks 902 927 Total net intangible assets $ 1,113 $ 1,152 |
Schedule of Indefinite-Lived Intangible Assets [Table Block] | The following table sets forth balance sheet information for intangible assets, excluding goodwill, subject to amortization and intangible assets not subject to amortization: Intangible Assets April 30, July 31, Amortizable intangible assets Customer relationships $ 222 $ 222 Technology 40 40 Other 35 35 Total gross amortizable intangible assets $ 297 $ 297 Accumulated amortization (86 ) (72 ) Total net amortizable intangible assets $ 211 $ 225 Non-amortizable intangible assets Trademarks 902 927 Total net intangible assets $ 1,113 $ 1,152 |
Business And Geographic Segme24
Business And Geographic Segment Information (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting [Table Text Block] | Three Months Ended Nine Months Ended April 30, May 1, April 30, May 1, Net sales Americas Simple Meals and Beverages $ 982 $ 999 $ 3,510 $ 3,538 Global Biscuits and Snacks 623 608 1,974 1,942 Campbell Fresh 248 263 742 794 Total $ 1,853 $ 1,870 $ 6,226 $ 6,274 Three Months Ended Nine Months Ended April 30, May 1, April 30, May 1, Earnings before interest and taxes Americas Simple Meals and Beverages $ 226 $ 225 $ 922 $ 878 Global Biscuits and Snacks 98 86 345 341 Campbell Fresh 1 13 (1 ) 52 Corporate (1) (27 ) (54 ) (306 ) (242 ) Restructuring charges (2) — (2 ) — (32 ) Total $ 298 $ 268 $ 960 $ 997 (1) Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments are included in Corporate. Losses were $54 in the three-month period ended May 1, 2016 , and $20 and $175 in the nine-month periods ended April 30, 2017 , and May 1, 2016 , respectively. Costs related to the implementation of our new organizational structure and cost savings initiatives were $7 and $13 in the three-month periods ended April 30, 2017 , and May 1, 2016 , respectively, and $18 and $35 in the nine-month periods ended April 30, 2017 , and May 1, 2016 , respectively. Impairment charges of $212 on the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and the Garden Fresh Gourmet reporting unit were also included in the nine-month period ended April 30, 2017. See Note 4 for additional information. A gain of $25 from a settlement of a claim related to the Kelsen acquisition was also included in the three- and nine-month periods ended May 1, 2016. (2) See Note 6 for additional information. |
Additional Product Information for Net Sales [Table Text Block] | Our global net sales based on product categories are as follows: Three Months Ended Nine Months Ended April 30, May 1, April 30, May 1, Net sales Soup $ 557 $ 575 $ 2,251 $ 2,253 Baked snacks 600 584 1,914 1,886 Other simple meals 434 424 1,299 1,300 Beverages 262 287 762 835 Total $ 1,853 $ 1,870 $ 6,226 $ 6,274 |
Restructuring Charges and Cos25
Restructuring Charges and Cost Savings Initiatives (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
2015 Initiatives [Member] | |
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | A summary of the restructuring charges we recorded and charges incurred in Administrative expenses related to the implementation of the new organizational structure and costs savings initiatives is as follows: Three Months Ended Nine Months Ended Year Ended April 30, May 1, April 30, May 1, July 31, August 2, Restructuring charges $ — $ 2 $ — $ 35 $ 35 $ 102 Administrative expenses 7 13 18 35 47 22 Total pre-tax charges $ 7 $ 15 $ 18 $ 70 $ 82 $ 124 Aggregate after-tax impact $ 4 $ 9 $ 11 $ 44 $ 52 $ 78 Per share impact $ .01 $ .03 $ .04 $ .14 $ .17 $ .25 A summary of the pre-tax costs associated with the initiatives is as follows: Recognized as of Severance pay and benefits $ 128 Implementation costs and other related costs 96 Total $ 224 |
Schedule Of Restructuring Activity And Related Reserves [Table Text Block] | A summary of the restructuring activity and related reserves associated with the initiatives at April 30, 2017 , is as follows: Severance Pay and Benefits Implementation Costs and Other Related Costs (3) Total Charges Accrued balance at July 31, 2016 (1) $ 73 2017 charges — 18 $ 18 2017 cash payments (42 ) Accrued balance at April 30, 2017 (2) $ 31 _______________________________________ (1) Includes $17 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (2) Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. (3) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. |
Schedule Of Restructuring Charges Associated With Each Reportable Segment | A summary of the pre-tax costs associated with segments is as follows: April 30, 2017 Three Months Ended Nine Months Ended Costs Incurred to Date Americas Simple Meals and Beverages $ 1 $ 1 $ 72 Global Biscuits and Snacks 2 4 70 Campbell Fresh — — 2 Corporate 4 13 80 Total $ 7 $ 18 $ 224 |
2014 Initiatives [Member] | |
Schedule Of Pre-Tax Charge And Remaining Costs [Table Text Block] | A summary of the pre-tax costs associated with the 2014 initiatives is as follows: Total Program (1) Change in Estimate Recognized as of July 31, 2016 Severance pay and benefits $ 41 $ (4 ) $ 37 Asset impairment 12 — 12 Other exit costs 1 — 1 Total $ 54 $ (4 ) $ 50 _______________________________________ (1) Recognized as of August 2, 2015. |
Pension And Postretirement Be26
Pension And Postretirement Benefits (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit (income) / expense were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement April 30, May 1, April 30, May 1, April 30, May 1, April 30, May 1, Service cost $ 6 $ 6 $ — $ — $ 19 $ 20 $ 1 $ 1 Interest cost 21 24 2 4 64 74 7 12 Expected return on plan assets (36 ) (36 ) — — (108 ) (111 ) — — Amortization of prior service credit — (1 ) (5 ) — — (1 ) (18 ) (1 ) Recognized net actuarial loss — 61 — — — 173 — — Net periodic benefit (income) / expense $ (9 ) $ 54 $ (3 ) $ 4 $ (25 ) $ 155 $ (10 ) $ 12 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Components of net benefit (income) / expense were as follows: Three Months Ended Nine Months Ended Pension Postretirement Pension Postretirement April 30, May 1, April 30, May 1, April 30, May 1, April 30, May 1, Service cost $ 6 $ 6 $ — $ — $ 19 $ 20 $ 1 $ 1 Interest cost 21 24 2 4 64 74 7 12 Expected return on plan assets (36 ) (36 ) — — (108 ) (111 ) — — Amortization of prior service credit — (1 ) (5 ) — — (1 ) (18 ) (1 ) Recognized net actuarial loss — 61 — — — 173 — — Net periodic benefit (income) / expense $ (9 ) $ 54 $ (3 ) $ 4 $ (25 ) $ 155 $ (10 ) $ 12 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block] | The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of April 30, 2017 , and July 31, 2016 : Balance Sheet Classification April 30, July 31, Asset Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Other current assets $ 2 $ 1 Total derivatives designated as hedges $ 2 $ 1 Derivatives not designated as hedges: Commodity derivative contracts Other current assets $ 3 $ 3 Deferred compensation derivative contracts Other current assets 1 1 Foreign exchange forward contracts Other current assets 3 — Total derivatives not designated as hedges $ 7 $ 4 Total asset derivatives $ 9 $ 5 Balance Sheet Classification April 30, July 31, Liability Derivatives Derivatives designated as hedges: Foreign exchange forward contracts Accrued liabilities $ — $ 4 Forward starting interest rate swaps Accrued liabilities 20 — Forward starting interest rate swaps Other liabilities — 44 Total derivatives designated as hedges $ 20 $ 48 Derivatives not designated as hedges: Commodity derivative contracts Accrued liabilities $ 3 $ 4 Deferred compensation derivative contracts Accrued liabilities — 1 Foreign exchange forward contracts Accrued liabilities — 7 Commodity derivative contracts Other liabilities 1 — Total derivatives not designated as hedges $ 4 $ 12 Total liability derivatives $ 24 $ 60 |
Schedule of Offsetting Assets [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 30, 2017 , and July 31, 2016 , would be adjusted as detailed in the following table: April 30, 2017 July 31, 2016 Derivative Instrument Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Total asset derivatives $ 9 $ (3 ) $ 6 $ 5 $ (4 ) $ 1 Total liability derivatives $ 24 $ (3 ) $ 21 $ 60 $ (4 ) $ 56 |
Schedule of Offsetting Liabilities [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of April 30, 2017 , and July 31, 2016 , would be adjusted as detailed in the following table: April 30, 2017 July 31, 2016 Derivative Instrument Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Total asset derivatives $ 9 $ (3 ) $ 6 $ 5 $ (4 ) $ 1 Total liability derivatives $ 24 $ (3 ) $ 21 $ 60 $ (4 ) $ 56 |
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block] | The following tables show the effect of our derivative instruments designated as cash-flow hedges for the three- and nine-month periods ended April 30, 2017 , and May 1, 2016 , in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings: Total Cash-Flow Hedge OCI Activity Derivatives Designated as Cash-Flow Hedges April 30, May 1, Three Months Ended OCI derivative gain (loss) at beginning of quarter $ (27 ) $ (26 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 7 (21 ) Forward starting interest rate swaps (5 ) (4 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 1 (4 ) Foreign exchange forward contracts Other expenses / (income) — — Forward starting interest rate swaps Interest expense 1 1 OCI derivative gain (loss) at end of quarter $ (23 ) $ (54 ) Nine Months Ended OCI derivative gain (loss) at beginning of year $ (64 ) $ (10 ) Effective portion of changes in fair value recognized in OCI: Foreign exchange forward contracts 8 (13 ) Forward starting interest rate swaps 24 (22 ) Amount of (gain) loss reclassified from OCI to earnings: Location in Earnings Foreign exchange forward contracts Cost of products sold 5 (10 ) Foreign exchange forward contracts Other expenses / (income) 1 (2 ) Forward starting interest rate swaps Interest expense 3 3 OCI derivative gain (loss) at end of quarter $ (23 ) $ (54 ) |
Derivatives Not Designated As Hedges [Table Text Block] | The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings: Amount of (Gain) Loss Recognized in Earnings on Derivatives Derivatives not Designated as Hedges Location of (Gain) Loss Three Months Ended Nine Months Ended April 30, 2017 May 1, April 30, 2017 May 1, Foreign exchange forward contracts Cost of products sold $ — $ (1 ) $ (1 ) $ — Foreign exchange forward contracts Other expenses / (income) — (2 ) — (1 ) Cross-currency swap contracts Other expenses / (income) — 21 — 9 Commodity derivative contracts Cost of products sold 3 (9 ) (3 ) — Deferred compensation derivative contracts Administrative expenses — (4 ) (2 ) (4 ) Total $ 3 $ 5 $ (6 ) $ 4 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of April 30, 2017 , and July 31, 2016 , consistent with the fair value hierarchy: Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Foreign exchange forward contracts (1) $ 5 $ — $ 5 $ — $ 1 $ — $ 1 $ — Commodity derivative contracts (2) 3 2 1 — 3 2 1 — Deferred compensation derivative contracts (3) 1 — 1 — 1 — 1 — Fair value option investments (4) 45 — 2 43 33 — 8 25 Total assets at fair value $ 54 $ 2 $ 9 $ 43 $ 38 $ 2 $ 11 $ 25 Fair Value Fair Value Measurements at Fair Value Fair Value Measurements at Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Forward starting interest rate swaps (5) $ 20 $ — $ 20 $ — $ 44 $ — $ 44 $ — Foreign exchange forward contracts (1) — — — — 11 — 11 — Commodity derivative contracts (2) 4 4 — — 4 4 — — Deferred compensation derivative contracts (3) — — — — 1 — 1 — Deferred compensation obligation (6) 111 111 — — 119 119 — — Total liabilities at fair value $ 135 $ 115 $ 20 $ — $ 179 $ 123 $ 56 $ — ___________________________________ (1) Based on observable market transactions of spot currency rates and forward rates. (2) Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. (3) Based on LIBOR and equity index swap rates. (4) Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre. See Note 10 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. Changes in the fair value of investments were not material through April 30, 2017 . (5) Based on LIBOR swap rates. (6) Based on the fair value of the participants’ investments. |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents fair value measurements of intangible assets that were recognized in the second quarter of 2017 and the fourth quarter of 2016, respectively, consistent with the fair value hierarchy: January 29, 2017 July 31, 2016 Impairment Charges Fair Value Impairment Charges Fair Value Bolthouse Farms Carrot and Carrot Ingredients Goodwill $ 127 $ 75 $ 106 $ 202 Trademark $ 20 $ 48 $ 35 $ 68 Garden Fresh Gourmet Goodwill $ 64 $ 52 Trademark $ 1 $ 37 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Stock-based Compensation | |
Summary of Stock-based Compensation Expense [Table Text Block] | Pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows: Three Months Ended Nine Months Ended April 30, May 1, April 30, May 1, Total pre-tax stock-based compensation expense $ 16 $ 16 $ 48 $ 50 Tax-related benefits $ 6 $ 5 $ 18 $ 18 |
Schedule Of Stock Option Activity [Table Text Block] | The following table summarizes stock option activity as of April 30, 2017 : Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value (Options in thousands) (In years) Outstanding at July 31, 2016 681 $ 50.21 Granted 489 $ 54.65 Exercised (33 ) $ 50.21 Terminated (95 ) $ 52.49 Outstanding at April 30, 2017 1,042 $ 52.08 8.8 $ 6 Exercisable at April 30, 2017 194 $ 50.21 8.4 $ 1 |
Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units, Strategic Performance Restricted Stock Units and Special Performance Restricted Stock Units[Table Text Block] | The following table summarizes time-lapse restricted stock units, EPS performance restricted stock units, strategic performance restricted stock units and special performance restricted stock units as of April 30, 2017 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 31, 2016 2,004 $ 45.08 Granted 564 $ 54.78 Vested (955 ) $ 44.00 Forfeited (355 ) $ 43.34 Nonvested at April 30, 2017 1,258 $ 50.75 |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | The assumptions and grant-date fair values for grants in 2017 and 2016 were as follows: 2017 2016 Risk-free interest rate 1.28% 1.68% Expected dividend yield 2.26% 2.46% Expected volatility 18.64% 18.35% Expected term 6 years 6 years Grant-date fair value $7.51 $6.86 |
TSR Performance Restricted Stock/Units [Member] | |
Stock-based Compensation | |
TSR Performance Restricted Stock Units [Table Text Block] | The following table summarizes TSR performance restricted stock units as of April 30, 2017 : Units Weighted- Average Grant-Date Fair Value (Restricted stock units in thousands) Nonvested at July 31, 2016 1,641 $ 49.13 Granted 606 $ 39.53 Vested (251 ) $ 36.26 Forfeited (183 ) $ 43.84 Nonvested at April 30, 2017 1,813 $ 48.24 |
Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block] | We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation. Assumptions used in the Monte Carlo simulation were as follows: 2017 2016 Risk-free interest rate 0.85% 0.92% Expected dividend yield 2.26% 2.46% Expected volatility 17.78% 17.25% Expected term 3 years 3 years |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | April 30, July 31, Raw materials, containers and supplies $ 360 $ 391 Finished products 431 549 $ 791 $ 940 |
Basis of Presentation and Sig31
Basis of Presentation and Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2017 | Jul. 31, 2016 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Taxes on earnings | $ 94 | $ 55 | $ 307 | $ 270 | |
Net earnings attributable to Campbell Soup Company per share, diluted | $ 0.58 | $ 0.59 | $ 1.85 | $ 2.07 | |
Restatement Adjustment [Member] | |||||
Taxes on earnings | $ 13 | ||||
Net earnings attributable to Campbell Soup Company per share, diluted | $ 0.04 |
Recent Accounting Pronounceme32
Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | 9 Months Ended | |
Apr. 30, 2017 | May 01, 2016 | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 6 | $ 7 |
Payments related to tax withholding for stock-based compensation | 21 | 21 |
Accounts payable and accrued liabilities | 116 | 59 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | (7) | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 6 | 7 |
Payments related to tax withholding for stock-based compensation | (21) | |
Accounts payable and accrued liabilities | $ 21 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | Jul. 31, 2016 | ||
Beginning Balance | $ (104) | |||||
Other comprehensive income (loss), after tax | $ (5) | $ 79 | (13) | $ 26 | ||
Ending Balance | (118) | (118) | ||||
Accumulated Translation Adjustment [Member] | ||||||
Beginning Balance | [1] | (124) | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (29) | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 0 | |||||
Other comprehensive income (loss), after tax | (29) | |||||
Ending Balance | [1] | (153) | (153) | |||
Other comprehensive income tax | (6) | (6) | $ (6) | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Beginning Balance | [2] | (41) | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 21 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | 6 | |||||
Other comprehensive income (loss), after tax | 27 | |||||
Ending Balance | [2] | (14) | (14) | |||
Other comprehensive income tax | 9 | 9 | 23 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Beginning Balance | [3] | 61 | ||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | 0 | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (12) | |||||
Other comprehensive income (loss), after tax | (12) | |||||
Ending Balance | [3] | 49 | 49 | |||
Other comprehensive income tax | (29) | (29) | $ (35) | |||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Beginning Balance | (104) | |||||
Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax | (8) | |||||
Other Comprehensive Income Reclassifications Current Period Net of Tax | (6) | |||||
Other comprehensive income (loss), after tax | (14) | $ 24 | ||||
Ending Balance | $ (118) | $ (118) | ||||
[1] | Included a tax expense of $6 as of April 30, 2017, and July 31, 2016. | |||||
[2] | Included a tax benefit of $9 as of April 30, 2017, and $23 as of July 31, 2016. | |||||
[3] | Included a tax expense of $29 as of April 30, 2017, and $35 as of July 31, 2016. |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Schecule of amounts reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $ 2 | $ (3) | $ 9 | $ (9) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, tax expense (benefit) | (1) | 1 | (3) | 3 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, after-tax | 1 | (2) | 6 | (6) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | |||||
Reclassification of prior service credit included in net earnings, before tax | [1] | (5) | (1) | (18) | (2) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax [Abstract] | |||||
Total Pension and Other Postretirement Benefit amortization included in net earnings, tax expense (benefit) | 1 | 0 | 6 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | |||||
Total Pension and Other Postretirement Benefit amortization included in net earnings, net of tax | (4) | (1) | (12) | (2) | |
Foreign Exchange Contract [Member] | Cost Of Products Sold [Member] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 1 | (4) | 5 | (10) | |
Foreign Exchange Contract [Member] | Other Expenses/Income [Member] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 0 | 0 | 1 | (2) | |
Interest Rate Contract [Member] | Interest Expense [Member] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax [Abstract] | |||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $ 1 | $ 1 | $ 3 | $ 3 | |
[1] | This is included in the components of net periodic benefit (income) / expense (see Note 8 for additional details). |
Goodwill And Intangible Asset35
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jan. 29, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Impairment Loss | $ 191 | |||
Amortization of Intangible Assets | 15 | $ 15 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 20 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 15 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Three | 15 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 15 | |||
Finite Lived Intangible Assets, Amortization Expense, Year Five | $ 15 | |||
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Campbell Fresh [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Impairment Loss | $ 191 | |||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Impairment Loss | $ 127 | $ 106 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 20 | 35 | ||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Fair Value Disclosure | 75 | 202 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 48 | $ 68 | ||
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Impairment Loss | 64 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1 | |||
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Fair Value Disclosure | 52 | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 37 |
Goodwill And Intangible Asset36
Goodwill And Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Apr. 30, 2017 | Jul. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 2,369 | |
Accumulated Impairment Loss | (106) | |
Net Balance | $ 2,057 | 2,263 |
Goodwill, Impairment Loss | (191) | |
Foreign currency translation adjustment | (15) | |
Net Ending Balance | 2,057 | |
Americas Simple Meals and Beverages [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 775 | |
Accumulated Impairment Loss | 0 | |
Net Balance | 771 | 775 |
Goodwill, Impairment Loss | 0 | |
Foreign currency translation adjustment | (4) | |
Net Ending Balance | 771 | |
Global Biscuits and Snacks [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 757 | |
Accumulated Impairment Loss | 0 | |
Net Balance | 746 | 757 |
Goodwill, Impairment Loss | 0 | |
Foreign currency translation adjustment | (11) | |
Net Ending Balance | 746 | |
Campbell Fresh [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 837 | |
Accumulated Impairment Loss | (106) | |
Net Balance | 540 | $ 731 |
Goodwill, Impairment Loss | (191) | |
Foreign currency translation adjustment | 0 | |
Net Ending Balance | $ 540 |
Goodwill And Intangible Asset37
Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Apr. 30, 2017 | Jul. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 297 | $ 297 |
Finite-Lived Intangible Assets, Accumulated Amortization | (86) | (72) |
Finite-Lived Intangible Assets, Net | 211 | 225 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 902 | 927 |
Total net intangible assets | 1,113 | 1,152 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 222 | 222 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 40 | 40 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 35 | $ 35 |
Business And Geographic Segme38
Business And Geographic Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,853 | $ 1,870 | $ 6,226 | $ 6,274 |
Americas Simple Meals and Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 982 | 999 | 3,510 | 3,538 |
Global Biscuits and Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 623 | 608 | 1,974 | 1,942 |
Campbell Fresh [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 248 | $ 263 | $ 742 | $ 794 |
Business And Geographic Segme39
Business And Geographic Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | ||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | $ 298 | $ 268 | $ 960 | $ 997 | |
Goodwill and Intangible Asset Impairment | (212) | 0 | |||
Americas Simple Meals and Beverages [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 226 | 225 | 922 | 878 | |
Global Biscuits and Snacks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 98 | 86 | 345 | 341 | |
Campbell Fresh [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | 1 | 13 | (1) | 52 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [1] | (27) | (54) | (306) | (242) |
Defined Benefit Plan, Actuarial Gain (Loss) | (54) | (20) | (175) | ||
Goodwill and Intangible Asset Impairment | (212) | ||||
Other Income claim settlement, net of tax | 25 | 25 | |||
Corporate, Non-Segment [Member] | Other Cost Savings Implementation Costs [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring and Related Cost, Incurred Cost | 7 | 13 | 18 | 35 | |
Restructuring Charges [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest and taxes | [2] | $ 0 | $ (2) | $ 0 | $ (32) |
[1] | Represents unallocated items. Pension and postretirement benefit mark-to-market adjustments are included in Corporate. Losses were $54 in the three-month period ended May 1, 2016, and $20 and $175 in the nine-month periods ended April 30, 2017, and May 1, 2016, respectively. Costs related to the implementation of our new organizational structure and cost savings initiatives were $7 and $13 in the three-month periods ended April 30, 2017, and May 1, 2016, respectively, and $18 and $35 in the nine-month periods ended April 30, 2017, and May 1, 2016, respectively. Impairment charges of $212 on the intangible assets of the Bolthouse Farms carrot and carrot ingredients reporting unit and the Garden Fresh Gourmet reporting unit were also included in the nine-month period ended April 30, 2017. See Note 4 for additional information. A gain of $25 from a settlement of a claim related to the Kelsen acquisition was also included in the three- and nine-month periods ended May 1, 2016. | ||||
[2] | See Note 6 for additional information. |
Business And Geographic Segme40
Business And Geographic Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,853 | $ 1,870 | $ 6,226 | $ 6,274 |
Soup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 557 | 575 | 2,251 | 2,253 |
Baked Snacks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 600 | 584 | 1,914 | 1,886 |
Other Simple Meals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 434 | 424 | 1,299 | 1,300 |
Beverages [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 262 | $ 287 | $ 762 | $ 835 |
Restructuring Charges and Cos41
Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | 27 Months Ended | |||
Apr. 30, 2017USD ($)$ / shares | May 01, 2016USD ($)$ / shares | Apr. 30, 2017USD ($)$ / shares | May 01, 2016USD ($)$ / shares | Jul. 31, 2016USD ($)$ / shares | Aug. 02, 2015USD ($)$ / shares | Jul. 28, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | $ 0 | $ 2 | $ 0 | $ 32 | |||
Payments to Acquire Property, Plant, and Equipment | 195 | 225 | |||||
2015 Initiatives [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | 2 | 0 | 35 | $ 35 | $ 102 | |
Restructuring and Related Cost, Incurred Cost | 7 | 15 | 18 | 70 | 82 | 124 | |
Restructuring charges and related costs, after tax | $ 4 | $ 9 | $ 11 | $ 44 | $ 52 | $ 78 | |
Restructuring charges per diluted share | $ / shares | $ 0.01 | $ 0.03 | $ 0.04 | $ 0.14 | $ 0.17 | $ 0.25 | |
Payments to Acquire Property, Plant, and Equipment | $ 1 | ||||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | ||||||
Restructuring and Related Cost, Expected Cost | $ 130 | $ 130 | |||||
2015 Initiatives [Member] | Other Non-cash Benefit Costs [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | $ 7 | ||||||
2015 Initiatives [Member] | UNITED STATES | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 471 | ||||||
2015 Initiatives [Member] | Americas Simple Meals and Beverages [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost Allocation | 33.00% | 33.00% | |||||
Restructuring and Related Cost, Incurred Cost | $ 1 | $ 1 | |||||
2015 Initiatives [Member] | Global Biscuits and Snacks [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost Allocation | 32.00% | 32.00% | |||||
Restructuring and Related Cost, Incurred Cost | $ 2 | $ 4 | |||||
2015 Initiatives [Member] | Campbell Fresh [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost Allocation | 3.00% | 3.00% | |||||
Restructuring and Related Cost, Incurred Cost | $ 0 | $ 0 | |||||
2015 Initiatives [Member] | Corporate, Non-Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost Allocation | 32.00% | 32.00% | |||||
Restructuring and Related Cost, Incurred Cost | $ 4 | $ 13 | |||||
2015 Initiatives [Member] | Minimum [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | 250 | 250 | |||||
2015 Initiatives [Member] | Minimum [Member] | Implementation and Other Costs [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | 120 | 120 | |||||
2015 Initiatives [Member] | Maximum [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | 270 | 270 | |||||
2015 Initiatives [Member] | Maximum [Member] | Implementation and Other Costs [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | $ 140 | $ 140 | |||||
2014 Initiatives [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | $ (3) | $ (4) | |||||
Restructuring charges and related costs, after tax | $ (2) | $ (3) | |||||
Restructuring charges per diluted share | $ / shares | $ 0.01 | $ 0.01 | |||||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | $ (4) | ||||||
Scenario, Forecast [Member] | 2015 Initiatives [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 105 |
Restructuring Charges and Cos42
Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | Jul. 31, 2016 | Aug. 02, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | $ 0 | $ 2 | $ 0 | $ 32 | |||
2015 Initiatives [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | 2 | 0 | 35 | $ 35 | $ 102 | |
Restructuring and Related Cost, Incurred Cost | 7 | 15 | 18 | 70 | 82 | 124 | |
Restructuring charges and related costs, after tax | $ 4 | $ 9 | $ 11 | $ 44 | $ 52 | $ 78 | |
Restructuring charges per diluted share | $ 0.01 | $ 0.03 | $ 0.04 | $ 0.14 | $ 0.17 | $ 0.25 | |
Restructuring and Related Cost, Cost Incurred to Date | $ 224 | $ 224 | |||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 128 | 128 | |||||
2015 Initiatives [Member] | Implementation and Other Costs [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 96 | 96 | |||||
2015 Initiatives [Member] | General and Administrative Expense [Member] | Other Cost Savings Implementation Costs [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | $ 7 | $ 13 | $ 18 | [1] | $ 35 | $ 47 | $ 22 |
2014 Initiatives [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | (3) | (4) | |||||
Restructuring charges and related costs, after tax | $ (2) | $ (3) | |||||
Restructuring charges per diluted share | $ 0.01 | $ 0.01 | |||||
Restructuring and Related Cost, Cost Incurred to Date | $ 50 | 54 | |||||
2014 Initiatives [Member] | Severance Pay And Benefits [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | (4) | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 37 | 41 | |||||
2014 Initiatives [Member] | Asset Impairment Accelerated Depreciation [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | 12 | 12 | |||||
2014 Initiatives [Member] | Other Restructuring [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring charges | 0 | ||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 1 | $ 1 | |||||
[1] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. |
Restructuring Charges and Cos43
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | Jul. 31, 2016 | Aug. 02, 2015 | |||||
Restructuring Reserve [Roll Forward] | ||||||||||
Restructuring charges | $ 0 | $ 2 | $ 0 | $ 32 | ||||||
2015 Initiatives [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and Related Cost, Incurred Cost | 7 | 15 | 18 | 70 | $ 82 | $ 124 | ||||
Restructuring Reserve [Roll Forward] | ||||||||||
Restructuring charges | 0 | 2 | 0 | 35 | 35 | 102 | ||||
2015 Initiatives [Member] | Severance Pay And Benefits [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Reserve, Noncurrent | 3 | 3 | 17 | |||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Accrued Balance at beginning of period | [1] | 73 | ||||||||
Restructuring charges | 0 | |||||||||
Cash Payments | (42) | |||||||||
Accrued Balance at end of period | 31 | [2] | 31 | [2] | 73 | [1] | ||||
2015 Initiatives [Member] | General and Administrative Expense [Member] | Other Cost Savings Implementation Costs [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and Related Cost, Incurred Cost | $ 7 | $ 13 | $ 18 | [3] | $ 35 | $ 47 | $ 22 | |||
[1] | Includes $17 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||||||
[2] | Includes $3 of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet. | |||||||||
[3] | Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses in the Consolidated Statements of Earnings. |
Restructuring Charges and Cos44
Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - 2015 Initiatives [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | Jul. 31, 2016 | Aug. 02, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 7 | $ 15 | $ 18 | $ 70 | $ 82 | $ 124 |
Restructuring and Related Cost, Cost Incurred to Date | 224 | 224 | ||||
Americas Simple Meals and Beverages [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 1 | 1 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 72 | 72 | ||||
Global Biscuits and Snacks [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 2 | 4 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 70 | 70 | ||||
Campbell Fresh [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 0 | 0 | ||||
Restructuring and Related Cost, Cost Incurred to Date | 2 | 2 | ||||
Corporate, Non-Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 4 | 13 | ||||
Restructuring and Related Cost, Cost Incurred to Date | $ 80 | $ 80 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Maximum [Member] | Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,000 | 1,000 | 1,000 | 1,000 |
Pension And Postretirement Be46
Pension And Postretirement Benefits (Narrative) (Details) - Non-U.S. Pension Plan, Defined Benefit [Member] $ in Millions | 9 Months Ended |
Apr. 30, 2017USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Contributions by Employer | $ 4 |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 1 |
Pension And Postretirement Be47
Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Defined Benefit Plan, Service Cost | $ 6 | $ 6 | $ 19 | $ 20 |
Defined Benefit Plan, Interest Cost | 21 | 24 | 64 | 74 |
Expected return on plan assets | (36) | (36) | (108) | (111) |
Amortization of Prior Service Cost (Credit) | 0 | (1) | 0 | (1) |
Defined Benefit Plans Recognized Actuarial Gains (Losses) | 0 | (61) | 0 | (173) |
Defined Benefit Plan, Net Periodic Benefit Cost | (9) | 54 | (25) | 155 |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Defined Benefit Plan, Service Cost | 0 | 0 | 1 | 1 |
Defined Benefit Plan, Interest Cost | 2 | 4 | 7 | 12 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of Prior Service Cost (Credit) | (5) | 0 | (18) | (1) |
Defined Benefit Plans Recognized Actuarial Gains (Losses) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ (3) | $ 4 | $ (10) | $ 12 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1 | |
Cash Flow Hedge Ineffectiveness is Immaterial | The ineffective portion and amount excluded from effectiveness testing were not material. | |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Margin Deposit Assets | $ 5 | $ 5 |
Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 79 | 91 |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 300 | 300 |
Derivatives Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 123 | 175 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 89 | 88 |
Derivatives Not Designated As Hedges [Member] | Embedded Derivative Financial Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 56 | |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 43 | $ 44 |
Maximum [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Term of Contract | 18 months | |
Maximum [Member] | Commodity Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Term of Contract | 18 months | |
Maximum [Member] | Deferred Compensation Derivative Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Term of Contract | 12 months | |
Wal-Mart Stores, Inc. [Member] | Customer Concentration Risk [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 20.00% | |
Top Five Customers [Member] | Customer Concentration Risk [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Entity Wide Revenue, Major Customer, Percentage Of Net Sales | 40.00% |
Financial Instruments (Schedule
Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions | Apr. 30, 2017 | Jul. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 9 | $ 5 |
Derivative Liability, Fair Value, Gross Liability | 24 | 60 |
Derivatives Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2 | 1 |
Derivative Liability, Fair Value, Gross Liability | 20 | 48 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2 | 1 |
Derivatives Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 4 |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 20 | 0 |
Derivatives Designated As Hedges [Member] | Interest Rate Contract [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 44 |
Derivatives Not Designated As Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 7 | 4 |
Derivative Liability, Fair Value, Gross Liability | 4 | 12 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 0 |
Derivatives Not Designated As Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 7 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 3 | 3 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 3 | 4 |
Derivatives Not Designated As Hedges [Member] | Commodity Derivative Contracts [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1 | 0 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1 | 1 |
Derivatives Not Designated As Hedges [Member] | Deferred Compensation Derivative Contracts [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 1 |
Financial Instruments (Offsetti
Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Apr. 30, 2017 | Jul. 31, 2016 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 9 | $ 5 |
Derivative Asset, Not Offset, Policy Election Deduction | (3) | (4) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 6 | 1 |
Derivative Liability, Fair Value, Gross Liability | 24 | 60 |
Derivative Liability, Not Offset, Policy Election Deduction | (3) | (4) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | $ 21 | $ 56 |
Financial Instruments (Schedu51
Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
OCI derivative gain/(loss) at beginning of year | $ (27) | $ (26) | $ (64) | $ (10) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 2 | (25) | 32 | (35) |
Reclassification adjustment for (gains) losses included in net earnings, before tax | 2 | (3) | 9 | (9) |
OCI derivative gain/(loss) at end of period | (23) | (54) | (23) | (54) |
Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 7 | (21) | 8 | (13) |
Foreign Exchange Forward Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 1 | (4) | 5 | (10) |
Foreign Exchange Forward Contracts [Member] | Other Expenses/Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | 0 | 0 | 1 | (2) |
Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (5) | (4) | 24 | (22) |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification adjustment for (gains) losses included in net earnings, before tax | $ 1 | $ 1 | $ 3 | $ 3 |
Financial Instruments (Derivati
Financial Instruments (Derivatives Not Designated As Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives Not Designated as Hedging Instruments | $ 3 | $ 5 | $ (6) | $ 4 |
Foreign Exchange Contract [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives Not Designated as Hedging Instruments | 0 | (1) | (1) | 0 |
Foreign Exchange Contract [Member] | Other Expenses/Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives Not Designated as Hedging Instruments | 0 | (2) | 0 | (1) |
Currency Swap [Member] | Other Expenses/Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives Not Designated as Hedging Instruments | 0 | 21 | 0 | 9 |
Commodity Derivative Contracts [Member] | Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives Not Designated as Hedging Instruments | 3 | (9) | (3) | 0 |
Deferred Compensation Derivative Contracts [Member] | General and Administrative Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized in Earnings on Derivatives Not Designated as Hedging Instruments | $ 0 | $ (4) | $ (2) | $ (4) |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Apr. 30, 2017 | Jul. 31, 2016 | Feb. 29, 2016 | |
LLC ownership percentage | 99.80% | ||
Investments funded | $ 51 | ||
Other assets | 119 | $ 107 | |
Variable Interest Entity | |||
Other assets | 46 | $ 34 | |
Total Commitment [Member] | |||
Other Commitment | $ 125 | ||
Remaining Commitment [Member] | |||
Other Commitment | $ 74 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jan. 29, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Impairment Loss | $ 191 | ||
Cash and Cash Equivalents, at Carrying Value | $ 74 | 24 | |
Long-term Debt | 2,755 | 2,673 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 74 | 24 | |
Long-term Debt, Fair Value | 2,949 | 2,745 | |
Campbell Fresh [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Impairment Loss | $ 191 | ||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Impairment Loss | $ 127 | 106 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 20 | $ 35 | |
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Impairment Loss | 64 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 1 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - USD ($) $ in Millions | Apr. 30, 2017 | Jul. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | $ 54 | $ 38 | |
Total liabilities at fair value | 135 | 179 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 2 | 2 | |
Total liabilities at fair value | 115 | 123 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 9 | 11 | |
Total liabilities at fair value | 20 | 56 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value | 43 | 25 | |
Measured On Recurring Basis [Member] | Foreign Exchange Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 5 | 1 |
Derivative liabilities at fair value | [1] | 0 | 11 |
Measured On Recurring Basis [Member] | Foreign Exchange Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [1] | 5 | 1 |
Derivative liabilities at fair value | [1] | 0 | 11 |
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 3 | 3 |
Derivative liabilities at fair value | [2] | 4 | 4 |
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 2 | 2 |
Derivative liabilities at fair value | [2] | 4 | 4 |
Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [2] | 1 | 1 |
Measured On Recurring Basis [Member] | Deferred Compensation Derivative Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 1 | 1 |
Derivative liabilities at fair value | [3] | 0 | 1 |
Measured On Recurring Basis [Member] | Deferred Compensation Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets at fair value | [3] | 1 | 1 |
Derivative liabilities at fair value | [3] | 0 | 1 |
Measured On Recurring Basis [Member] | Investments Fair Value Accounting [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [4] | 45 | 33 |
Measured On Recurring Basis [Member] | Investments Fair Value Accounting [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [4] | 2 | 8 |
Measured On Recurring Basis [Member] | Investments Fair Value Accounting [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments at fair value | [4] | 43 | 25 |
Measured On Recurring Basis [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities at fair value | [5] | 20 | 44 |
Measured On Recurring Basis [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities at fair value | [5] | 20 | 44 |
Measured On Recurring Basis [Member] | Deferred Compensation Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [6] | 111 | 119 |
Measured On Recurring Basis [Member] | Deferred Compensation Obligation [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation obligation | [6] | $ 111 | $ 119 |
[1] | Based on observable market transactions of spot currency rates and forward rates. | ||
[2] | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. | ||
[3] | Based on LIBOR and equity index swap rates. | ||
[4] | Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre. See Note 10 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. Changes in the fair value of investments were not material through April 30, 2017. | ||
[5] | Based on LIBOR swap rates. | ||
[6] | Based on the fair value of the participants’ investments. |
Fair Value Measurements Fair 56
Fair Value Measurements Fair Value Measurements (Nonrecurring) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jan. 29, 2017 | Jul. 31, 2016 | Apr. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Impairment Loss | $ 191 | ||
Campbell Fresh [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Impairment Loss | $ 191 | ||
Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Impairment Loss | $ 127 | $ 106 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 20 | 35 | |
Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Impairment Loss | 64 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Campbell Fresh [Member] | Bolthouse Farms carrot and carrot ingredients reporting unit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Fair Value Disclosure | 75 | 202 | |
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 48 | $ 68 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Campbell Fresh [Member] | Garden Fresh Gourmet [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Fair Value Disclosure | 52 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 37 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
Apr. 30, 2017 | May 01, 2016 | |
Statement [Line Items] | ||
Shares repurchased, value | $ 305 | $ 118 |
June 2011 Program [Member] | ||
Statement [Line Items] | ||
Authorized amount for shares repurchase | 1,000 | |
March 2017 Program [Domain] | ||
Statement [Line Items] | ||
Authorized amount for shares repurchase | $ 1,500 | |
Treasury Stock [Member] | ||
Statement [Line Items] | ||
Treasury stock purchased, shares | 5 | 2 |
Shares repurchased, value | $ 305 | $ 118 |
Treasury Stock [Member] | June 2011 Program [Member] | ||
Statement [Line Items] | ||
Shares repurchased, value | $ 271 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2016 | Nov. 01, 2015 | Apr. 30, 2017 | May 01, 2016 | Jul. 31, 2016 | |
Stock-based Compensation | |||||
Cash received from the exercise of stock options | $ 2 | $ 2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 2 | ||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | 6 | 7 | |||
Employee Stock Option [Member] | |||||
Stock-based Compensation | |||||
Remaining unearned compensation on nonvested awards | $ 2 | ||||
Weighted-average remaining service period, years | 1 year 7 months | ||||
EPS Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Nonvested, Units | 155 | ||||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 49.89 | ||||
Strategic Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 35.00% | ||||
Time Lapse EPS, Strategic Performance and Special Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Remaining unearned compensation on nonvested awards | $ 27 | ||||
Weighted-average remaining service period, years | 1 year 8 months | ||||
Nonvested, Units | 1,258 | 2,004 | |||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 50.75 | $ 45.08 | |||
Fair value of restricted units and shares vested | $ 53 | $ 43 | |||
Granted, Weighted-Average Grant-Date Fair Value | $ 54.78 | $ 50.28 | |||
TSR Performance Restricted Stock/Units [Member] | |||||
Stock-based Compensation | |||||
Remaining unearned compensation on nonvested awards | $ 34 | ||||
Weighted-average remaining service period, years | 1 year 9 months | ||||
Nonvested, Units | 1,813 | 1,641 | |||
Nonvested, Weighted-Average Grant-Date Fair Value | $ 48.24 | $ 49.13 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 75.00% | 100.00% | |||
Fair value of restricted units and shares vested | $ 14 | $ 22 | |||
Granted, Weighted-Average Grant-Date Fair Value | $ 39.53 | $ 62.44 | |||
Minimum [Member] | EPS Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||
Maximum [Member] | EPS Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||
Financial [Member] | Special Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||
Milestones [Member] | Special Performance Restricted Stock Units [Member] | |||||
Stock-based Compensation | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% |
Stock-based Compensation Summar
Stock-based Compensation Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | May 01, 2016 | Apr. 30, 2017 | May 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Pre-tax stock-based compensation expense | $ 16 | $ 16 | $ 48 | $ 50 |
Tax-related benefits | $ 6 | $ 5 | $ 18 | $ 18 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Apr. 30, 2017USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning of year, Options | shares | 681 |
Granted, Options | shares | 489 |
Exercised, Options | shares | (33) |
Terminated, Options | shares | (95) |
End of year, Options | shares | 1,042 |
Exercisable at end of period, Options | shares | 194 |
Beginning of period, Weighted-Average Exercise Price | $ / shares | $ 50.21 |
Granted, Weighted-Average Exercise Price | $ / shares | 54.65 |
Exercised, Weighted-Average Exercise Price | $ / shares | 50.21 |
Terminated, Weighted-Average Exercise Price | $ / shares | 52.49 |
End of period, Weighted-Average Exercise Price | $ / shares | 52.08 |
Exercisable at end of period, Weighted-Average Exercise Price | $ / shares | $ 50.21 |
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years) | 8 years 10 months |
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years) | 8 years 5 months |
Outstanding at end of period, Aggregate Intrinsic Value | $ | $ 6 |
Exercisable at end of period, Aggregate Intrinsic Value | $ | $ 1 |
Stock-based Compensation (Time-
Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units, Strategic Performance and Special Performance Restricted Stock Units And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands | 9 Months Ended | |
Apr. 30, 2017 | May 01, 2016 | |
Time Lapse EPS, Strategic Performance and Special Performance Restricted Stock Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 2,004 | |
Granted, Units | 564 | |
Vested, Units | (955) | |
Forfeited, Units | (355) | |
Nonvested at end of period, Units | 1,258 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 45.08 | |
Granted, Weighted-Average Grant-Date Fair Value | 54.78 | $ 50.28 |
Vested, Weighted-Average Grant-Date Fair Value | 44 | |
Forfeited, Weighted Average Grant Date Fair Value | 43.34 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 50.75 | |
TSR Performance Restricted Stock/Units [Member] | ||
Stock-based Compensation | ||
Nonvested at beginning of period, Units | 1,641 | |
Granted, Units | 606 | |
Vested, Units | (251) | |
Forfeited, Units | (183) | |
Nonvested at end of period, Units | 1,813 | |
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 49.13 | |
Granted, Weighted-Average Grant-Date Fair Value | 39.53 | $ 62.44 |
Vested, Weighted-Average Grant-Date Fair Value | 36.26 | |
Forfeited, Weighted Average Grant Date Fair Value | 43.84 | |
Nonvested at end of period, Weighted-Average Grant-Date Fair Value | $ 48.24 |
Stock-based Compensation (Valua
Stock-based Compensation (Valuation Assumptions) (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Jul. 31, 2016 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.28% | 1.68% |
Expected dividend yield | 2.26% | 2.46% |
Expected volatility | 18.64% | 18.35% |
Expected term, years | 6 years | 6 years |
Grant-date fair value | $ 7.51 | $ 6.86 |
TSR Performance Restricted Stock/Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.85% | 0.92% |
Expected dividend yield | 2.26% | 2.46% |
Expected volatility | 17.78% | 17.25% |
Expected term, years | 3 years | 3 years |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Apr. 30, 2017 | Jul. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials, containers and supplies | $ 360 | $ 391 |
Finished products | 431 | 549 |
Inventories | $ 791 | $ 940 |